John Shepard Reed (born February 7, 1939) is the former chairman of the

New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is the List of stock exchanges, largest stock excha ...

. He previously served as chairman and CEO of

Citicorp Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services company based in New York City. The company was formed in 1998 by the merger of Citicorp, t ...

Citibank Citibank, N.A. ("N. A." stands for "National bank (United States), National Association"; stylized as citibank) is the primary U.S. banking subsidiary of Citigroup, a financial services multinational corporation, multinational corporation. Ci ...

, and post-merger,

Citigroup Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services company based in New York City. The company was formed in 1998 by the merger of Citicorp, t ...

. He is the past chairman of the

Massachusetts Institute of Technology The Massachusetts Institute of Technology (MIT) is a Private university, private research university in Cambridge, Massachusetts, United States. Established in 1861, MIT has played a significant role in the development of many areas of moder ...

's board of trustees."Corporation Member: John Shepard Reed '61"
MIT Corporation website

Biography

He was born in

Chicago, Illinois Chicago is the List of municipalities in Illinois, most populous city in the U.S. state of Illinois and in the Midwestern United States. With a population of 2,746,388, as of the 2020 United States census, 2020 census, it is the List of Unite ...

, to Calvin Francis Reed and Virginia (Shepard) Reed. He was raised in

Argentina Argentina, officially the Argentine Republic, is a country in the southern half of South America. It covers an area of , making it the List of South American countries by area, second-largest country in South America after Brazil, the fourt ...

and

Brazil Brazil, officially the Federative Republic of Brazil, is the largest country in South America. It is the world's List of countries and dependencies by area, fifth-largest country by area and the List of countries and dependencies by population ...

. Reed earned his undergraduate degrees in a 3-2 program from Washington and Jefferson College (W&J) and

(MIT), earning a B.S. from the

MIT Sloan School of Management The MIT Sloan School of Management (branded as MIT Sloan) is the business school of the Massachusetts Institute of Technology, a private university in Cambridge, Massachusetts. MIT Sloan offers bachelor's, master's, and doctoral degree progra ...

in 1961. He was also a member of Lambda Chi Alpha fraternity while at W&J and MIT. He served two years in the U.S. Army before returning to get his master's degree in management from the

in 1965."John Reed nominated to chair MIT Corporation"
''MIT News'', 12 April 2010 Reed was heavily responsible for pushing for the adoption of the ATM around the US, and led Citicorp through a perilous period in the early 1990s. He was approached by Sandy Weill to merge with

Travelers Group The Travelers Companies, Inc., commonly known as Travelers, is an American multinational insurance company. It is the second-largest writer of U.S. commercial property casualty insurance, and the sixth-largest writer of U.S. personal insurance t ...

a year before the Gramm-Leach-Bliley Act of 1999 (repealing the Glass–Steagall Act of 1933), allowing banking, insurance and securities companies to merge. The result was

, where Reed was later ousted in a management shakeup with Weill. Reed's departure was announced in a 28 February 2000 press release. In the aftermath of the November 2008 federal bailout of

, Reed was described as deeply skeptical of the "Wall Street financial engineering" that led to its collapse and "committed to consumer banking and sound commercial underwriting". Reed was asked to be interim CEO of the

after the

Richard Grasso Richard A. "Dick" Grasso (born July 26, 1946) was chairman and chief executive of the New York Stock Exchange from 1995 to 2003. He started in 1968, when he was hired by the Exchange as a floor clerk. He later became embroiled in controversies ...

over-compensation scandal. He accepted the job for a $1 salary and set up new governance rules as the NYSE became a public corporation. Reed was a member of both the

American Academy of Arts and Sciences The American Academy of Arts and Sciences (The Academy) is one of the oldest learned societies in the United States. It was founded in 1780 during the American Revolution by John Adams, John Hancock, James Bowdoin, Andrew Oliver, and other ...

and the

American Philosophical Society The American Philosophical Society (APS) is an American scholarly organization and learned society founded in 1743 in Philadelphia that promotes knowledge in the humanities and natural sciences through research, professional meetings, publicat ...

. Reed was the chairman of the

Corporation A corporation or body corporate is an individual or a group of people, such as an association or company, that has been authorized by the State (polity), state to act as a single entity (a legal entity recognized by private and public law as ...

(board of trustees) from 2010 through 2014. He was a longtime member of the board of directors of Altria Group (and predecessor Phillip Morris Companies) through his retirement in 2008. He became member of the Board of Directors of

CaixaBank CaixaBank, S.A. (), formerly Criteria CaixaCorp, is a Spanish multinational financial services company. CaixaBank is based in Valencia, with operative offices in Barcelona and Madrid. It is Spain's third-largest lender by market value, after Ban ...

in 2011. In February 2016, he was elected president of the board of Boston Athenaeum. Reed has four children from his first marriage. In 1994, he married Cindy McCarthy, who was a flight attendant on Citicorp's corporate aircraft.

Strategic planning

Reed's expectation that his business managers be able to present their proposed business strategies in a few

presentation slide A slide is a single page of a presentation. A group of slides is called a slide deck. A slide show is an exposition of a series of slides or images in an electronic device or on a projection screen. Before personal computers, they were Reversal fil ...

s without excessive use of data and documentation is referenced by business writers W. Chan Kim and Renée Mauborgne in a ''

Harvard Business Review ''Harvard Business Review'' (''HBR'') is a general management magazine published by Harvard Business Publishing, a not-for-profit, independent corporation that is an affiliate of Harvard Business School. ''HBR'' is published six times a year ...

'' publication.Kim, W. Chan and Renée A. Mauborgne
Charting Your Company’s Future
''Harvard Business Review'', volume 80, number 6, June 2002, accessed on 27 August 2024

References

External links

Testimony before Senate Banking Committee
{{DEFAULTSORT:Reed, John S. 1939 births Living people American chief executives of financial services companies MIT Sloan School of Management alumni Businesspeople from Chicago New York Stock Exchange people Washington & Jefferson College alumni Directors of CaixaBank Members of the American Philosophical Society

Biography

Strategic planning

References

Further reading

External links